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[27 Aug 2008 | No Comment | 1,671 views]

Dear All,

Our company has constructed a building which is to be our Head office. As part of improvements made on the buildings land, management decided to put up a garden with orchards and both Traditional and exotic trees. The garden is to beatify the environment as part of the environmental degradation measures and also enable the staff to go and relax. Out of the expenses so far incurred its felt we capitalize such expenses. I have gone thru the IAS 41 on agriculture where by they can be taken as …

IFRS »

[27 Aug 2008 | No Comment | 1,838 views]

Good Day,
I am a semi-retired accounting professional with 14 years of consulting experience in IT and securities settlement systems and 15 years of industry experience principally in the financial services sector (banking, trust and investment dealers).  In order to continue to be productive, at least on a part-time basis, I am interested in acquiring sufficient knowledge about the transition to IFRS reporting to offer my services on a consultative basis.  My principal market will be in Canada which is transitioning to IFRS by 2011, however, I would also like to …

IFRS »

[27 Aug 2008 | No Comment | 2,461 views]

Hi…
 
Anyone can help me about intangible assets?
 
Documents, e-books, …
 
thank’s and enjoy the weekend!
 
Daniel

You need to be a little more specific on your question. 
-Sonny

Hi Daniela,
 
www.answer.com and www.wykipedia would give you details and examples.
 
e.i. bons, shares,

 
U CAN VISIT www.intangiblebusiness.com

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IFRS »

[27 Aug 2008 | No Comment | 1,943 views]

Hi,
I am specifically interested in IFRS 7 and am looking to join a group/forum
who may discuss this specific standard.
Thanks
Ronan

Hi , IFRS 7 about Cash Flows? What is your question(s) about this?

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IFRS »

[27 Aug 2008 | No Comment | 2,364 views]

Dear Sir,
 
I am a Chartered Accountant with more than two decades experience audit including listed and private companies and giving consultancy to various other corporate entities.
 
To become IFRS compliant, what are the Accounting Standards, which need to be modified substantially and what are the factors that need to be considered to make the Corporate India’s Financial Statements to be IFRS compliant.
 
What are the opportunities as an Indian I will have in international area and in emerging economies I will have in the next one or two years and Can I …

IFRS »

[27 Aug 2008 | No Comment | 2,780 views]

Do I email you to suggest a new topic?

I saw that the disclosures for IAS 7 were a recent topic of interest.  I thought readers might be interested in reading about disclosures required for IAS 12.
IAS 12 (Income Taxes) requires a minimum of five disclosures, and potentially more than fifteen, depending on the complexity of the organization and their taxes.  Two good resources are www.taxstream.eu/ias_12 and http://www.iasplus.com/standard/ias12.htm.
Hope that helps.

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IFRS »

[27 Aug 2008 | No Comment | 2,388 views]

Hello,

I am a student of bcom(ecom)-5 n doing a project on the failure of ENRON.
 
Its failure involves many issues like lack implementation of corporate governance , SOXNORMS , Accounting standards ,etc.
 
Hence i would like to  welcome any suggestions from you , as IFRS is also included in it.
 
And i m very happy to read  your mails and i hope i would also be able to join in the discussions later.
 
Yours Sincerely,

Krish
 

Dear Krish ,
Sorry not to be able to be of big help due to lack of information about the Enron case , in case you …

IFRS »

[27 Aug 2008 | No Comment | 1,975 views]

Does anyone have any interest in working on a research project of how IFRS have affected debt covenants in their country?


Regards/Saludos
Stephen

Dear Stephen,
 
I would be really glad to help you out with this project. But in my country we still haven’t implemented IFRS framework, we are going to do that on January 1, 2009.

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IFRS »

[27 Aug 2008 | No Comment | 1,966 views]

Dear All
 
I am going to attend a job interview at Deloitte about the position of Audit. My BA and MPhil degree are not relevant to accounting or finance, and I don’t have any background knowledge about audit. I know in the interview you might ask me to give some examples of working in a team or under pressure, and I can handle them. However, I do not have much knowledge about business issues or what exams I will take in the first year. Can anyone tell me how to get …

IFRS »

[27 Aug 2008 | No Comment | 3,056 views]

Dear Elena,
I understand that accounting standards for smes are still in the drawing boards after asking for comments and suggestions from different sectors. I am a practising accountant in the Philippines.  My concern is on the issue of not-for-profit organization, which in the Philippine context are also known as non-government organizations (NGO’s). These NGO’s are generally funded by grants both from domestic and international funding agencies which have their own reportorial requirements aside from statutory requirements of state regulatory bodies. To satisfy both “users” ,  the  NGO will need to prepare both  special purpose and general purpose …

IFRS »

[27 Aug 2008 | No Comment | 2,924 views]

I need some help, I just moved to London, and I am looking for a job but I found out that the interviews are very tough. I am from Mexico, I have worked for Citigroup in Madrid over the last three years.
Sometimes I don’t know how to answer the question….How would I describe my skills as Internal Auditor….? and when they ask for situations o examples I am afraid to tell information about Citigroup…!! I am a bit lost….???
I will appreciate if someone tell how should I answer the interview …

IFRS »

[27 Aug 2008 | No Comment | 1,521 views]

Forwarded conversationSubject: [IFRS List] standards for sme's:not for profit organizations ————————
From: ann silvers <annsilvers@yahoo.com>Date: Wed, Nov 28, 2007 at 11:40 AM To: ifrs@ifrslist.com

On 11/27/07, ann silvers <annsilvers@yahoo.com> wrote:

November 27, 2007
 
Dear Elena,
 
I understand that accounting standards for smes are still in the drawing boards after asking for comments and suggestions from different sectors.
 
I am a practising accountant in the Philippines.  My concern is on the issue of not-for-profit organization, which in the Philippine context are also known as non-government organizations (NGO's).
 
These NGO's are generally funded by grants both from domestic and international funding …

IFRS »

[27 Aug 2008 | No Comment | 3,459 views]

Morning All,
Our company incurs a lot of expenses in terms of projects work like traveling. Substance, entertainment allowances etc
We also do incur expense interims of the preliminary expenses like site visits, negotiating meetings.

Are these expenses to be expensed or capitalized as we seems to have a different view of this from IAS 16.
Secondly before we begin any project we are supposed to remit 0.1% of the project cost as a government requirements to Environmental authority . Should such expenses be capitalized as per IAS 16 para 11

IFRS »

[27 Aug 2008 | No Comment | 2,703 views]

Dear IFRS List Folks
Hi I am a  Professor of Accounting at The University of Texas at EL Paso. I have been reading the many emails on this list and I wonder if any of you might be willing to tell me how the change to IFRS from their own GAAP has affected Debt covenants?
Thanks and Regards
Stephen

Hi Stephen,
regarding  to your request,  I don´t see any change on Debt covenants after IFRS application in Slovakia.  
However I´m not sure I understand your question correctly.  Could you describe deeper that case ?
I´m from  Slovakia (Midd Europe). We …

IFRS »

[27 Aug 2008 | No Comment | 1,801 views]

hi friends

 
i have a transaction in my company where goods sold and payment received in yr 2005  are now goods being bought back at a lower price. Sales team is insiting to treat it as a new purchase. I am little spectacle as to wheather it should be treated as a sales return or fresh purchase.
 
pls advise in the light of IAS how this should be treated. 
 
Best regards,
Sandeep

 
Dear Sandeep.
Please clarify the situation, why are the goods being bought back, are
these being bought back with the intention of re-selling it etc. I
think that the group would be able …

IFRS »

[27 Aug 2008 | No Comment | 2,377 views]

Hi,
I have just recently starting working in a country that is about to adopt IFRS (2009) and was wondering if anyone had had experience with possible violations to debt covenants during the transition period. I am guessing that clients will have to communicate with their banks about the impact IFRS will have on their outstanding debt and request a document stating that the banks will request the payment on demand in the case of a violation.
I am not sure if clients have realized this potential impact of going to IFRS, but …

IFRS »

[27 Aug 2008 | No Comment | 2,961 views]

Hi,

 
My name is Aashima Tandon. Can anybody tell me what exactly is asset held for sale and negative goodwill? What

Hi there,
sale?

Assets held for sale include assets (or groups of
assets to be disposed of) whose carrying amount will
be recovered principally through a sale transaction
rather than through continuing use.
What would be its treatment?
In accordance with IFRS (IFRS 5), discontinued
operations/assets held for sale are measured
at the lower of their carrying amount or fair value
less costs to sell.
Discontinued operations/assets held for sale are
presented in the financial statements as follows:
• On the balance …

IFRS »

[27 Aug 2008 | No Comment | 8,216 views]

Dear All
 
Please advise your views whether subject item does come under the scope of IAS 23 or IAS 39. The loan facility is repayable in 30 years and interest rate is variable interest rate and we hedge the interest rate by taking interest swap contracts with banks.
 
In case someone needs more facts to get to the bottom of the case, Please let me know.
 
with regards
Ram

Dear Ram,
My first reaction would be IAS 39 and not IAS 23 unless the case is that you want to capitalize these costs as part of …

IFRS »

[27 Aug 2008 | No Comment | 2,348 views]

Dear Sir/ Madaam,
 
Can I ask a complete list or copy of IFRS and IAS? Please send this to my email address.
 
Thank you very much.

Dear Nilo,
Here’s a link with your request,
http://www.ccdg.gov.sg/frs/index.htm
Regards,

YOU CAN GET ALL THE DETAILS FROM www.iasplus.com

Dear Sir,
Is it Financial Reporting Standard the same with IFRS?
I have a friend who wants to converge its financial statements into IFRS and I want to recommend him to take all FRS file.
Thank you very much.
Best regards,
Didik

DEAR SIR,AS A TRAINER AND FACULTY ON IFRS I CAN HELP YOUR FRIEND IN THE CONVERSION WORK
K.KANAGARAJ

Dear …

IFRS »

[27 Aug 2008 | No Comment | 1,799 views]

Dear All,

As someone could let me know when all European entities should comply with the IFRS reporting format.
Up to now we comply with the LuxGaap or USGaap but I heard that we should report next January 2008 in IFRS.
Have you the article who mentioned this transition ?

Thanks and kind regards
Dominique

 
 
Dear Dominique,Per my understanding all EU entities should comply with IFRS in 2007.
See extract below:
“Currently, the EU has adopted all IFRSs, though one aspect of IAS 39
was modified. The modification affects only a small percentage of EU
banks following IFRSs. Also, EU …